Canada's red-hot housing markets hint at cooldown as higher rates, inflation bite
'What we're going to stop seeing are the homes that sell for inexplicable amounts above their market values'
Toronto realtor member has noted a marked slowdown in housing demand in the red-hot Greater Toronto Area over the past few weeks, which she sees as a likely precursor to a reckoning in the suburbs and surrounding towns that have seen blistering price growth over the past two years.
“I had listings that, in January, would have had a 100+ showings,” a chief executive, said. “All of a sudden, we’re only getting five to six in four days. This is a transition period and it’s not for all markets or price points. But we’re seeing it.”
Already, homes listed for sale in supply-constrained Toronto have fallen at a slower pace than sales in February from a year earlier, compared with most of last year when listings lagged sales.
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'What we're going to stop seeing are the homes that sell for inexplicable amounts above their market values'
Toronto realtor member has noted a marked slowdown in housing demand in the red-hot Greater Toronto Area over the past few weeks, which she sees as a likely precursor to a reckoning in the suburbs and surrounding towns that have seen blistering price growth over the past two years.
“I had listings that, in January, would have had a 100+ showings,” a chief executive, said. “All of a sudden, we’re only getting five to six in four days. This is a transition period and it’s not for all markets or price points. But we’re seeing it.”
Already, homes listed for sale in supply-constrained Toronto have fallen at a slower pace than sales in February from a year earlier, compared with most of last year when listings lagged sales.
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